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London, 25 October 2006 - EMI Group plc announces that it has identified, through its internal controls, a one-off accounting fraud affecting the reporting of results at EMI’s recorded music business in Brazil. The company’s present assessment is that this fraud has resulted in the overstatement of EMI Music’s revenues by approximately £12m and its operating profits by approximately £9m. This revenue and profit impact will be reflected in the financial results for the six months ended 30 September 2006. EMI is conducting a full investigation and in the meantime is suspending certain of the senior management at the Brazilian business.
Enquiries
EMI Group plc Amanda Conroy Corporate Communications +44 20 7795 7529 Susie Bell Investor Relations +44 20 7795 7971 Sonia Shah Investor Relations +44 20 7795 7625
Brunswick Group LLP Patrick Handley +44 20 7404 5959 |